Tech companies return money to their investors via buybacks. Most investors prefer this as they get to choose when they get taxed.
FTX burns FTT when they have a good quarter, with roughly the same zero accountability to do so as a FAANG with a God Emperor CEO running a dual-class share structure.
Neither of these things are backed by guys with guns who come to your house if you fail to pay taxes in them.
A piece of paper has no intrinsic value, pays no dividend, and gets diluted over time.
It's the optimal way to return value to share holders when your share price is undervalued and you have excess capital. If the company ever needs to raise funds for a strategic M&A investment in the future they're always able to resell their shares again.
Some companies are content with maintaining a healthy business and not go after growth at all costs, which is a totally fine operating strategy.
It's just that you're just doing it through a buyback rather than a dividend because dividends in the US are taxed like plain-old income and buybacks turn into capital gains and are taxed less.